Gold futures finish lower for seventh straight session (NYSEARCA:GLD)

Gold futures finish lower for seventh straight session (NYSEARCA:GLD)

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Gold futures fell on Wednesday for a seventh straight session, the metal’s longest losing streak since March 2019, as the dollar at a nearly 20-year peak and increasing interest rate increases dent its appeal.

Comex July gold (XAUUSD:CUR) closed -1.5% to $1,734.90/oz, marking the lowest settlement value for the front-month contract since September 2021, while July silver (XAGUSD:CUR) +0.1% at $19.085/oz.

ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (IAU), (NYSEARCA:NUGT), (PHYS)

Major gold miners trade mostly lower but by much less than on Tuesday: (NEM) -1%, (GOLD) -1.9%, (AEM) -1.5%, (FNV) -1.1%, (RGLD) -1.5%, (KGC) -0.9%, (IAG) -2.4%, but (AU) +1.1%, (GFI) +0.5%, (AUY) +0.4%, (HMY) +1.2%.

“With the Fed still expected to hike rates aggressively at the coming meetings, expect gold to stay under pressure in the near term,” UBS analyst Giovanni Staunovo told Reuters, adding that gold could drop to $1,700.

More major central banks raised rates in June than in any month for at least 20 years, according to Reuters, and with inflation at multi-decade highs, policy tightening is unlikely to let up this year.

Gold is coming off its worst quarterly performance since Q1 2021.

Originally Posted on: https://seekingalpha.com/news/3854745-gold-futures-finish-lower-for-seventh-straight-session?source=feed_tag_commodities
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